Bitcoin and Ethereum – Weekly Technical Analysis – February 22nd, 2021


Ethereum

Ethereum rose by 7.34% in the week ending 21st February. Following on from an 11.65% rally from the previous week, Ethereum ended the week at $1,935.57.

It was also a mixed start to the week. Ethereum fell to a Monday intraweek low $1,659.93 before making a move.

Steering clear of the first major support level at $1,621, Ethereum rallied to a Saturday intraweek high and a new swing hi $2,041.42.

Ethereum broke through the first major resistance level at $1,932 before a late Saturday slide back to sub-$1,900 levels.

Finding support late Saturday and through Sunday, however, Ethereum broke back through the first major resistance level to wrap up the week at $1,935 levels.

5-days in the green included a 3.93% gain on Wednesday and a 4.73% rally on Thursday contributed to the upside in the week.

For the week ahead

Ethereum would need to avoid a fall through the pivot level at $1,879 to support a run at the first major resistance level at $2,098.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s new swing hi $2,041.42.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Ethereum could test resistance at $2,300 before any pullback. The second major resistance level sits at $2,260.

Failure to avoid a fall through the pivot level at $1,879 would bring the first major support level at $1,717 into play.

Barring an extended sell-off in the week, Ethereum should steer well clear of sub-$1,700 levels, however. The second major support level sits at $1,497.

At the time of writing, Ethereum was down by 2.30% to $1,891.01. A mixed start to the week saw Ethereum rise to an early Monday high $1,938.95 before falling to a low $1,871.18.

Ethereum left the major support and resistance levels untested at the start of the week.



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